ECC defers decision on gas price hike

Mehtab Haider

February 04, 2020

ISLAMABAD: The Economic Coordination Committee (ECC) deferred on Tuesday the proposed increase in the prices of natural gas.

The ECC, in its meeting today, postponed action on the hike summary, stating that they decision will not be rushed into.

The council also suggested that the summary's recommendations should be improved.

In the meeting, it was also decided that the measures to save the public from the adverse effects of gas prices hike should also be put forth and an alternative be presented in this regard.

The meeting was presided over by Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh. The ECC took up an eight-point agenda in today’s meeting, including natural gas pricing for the financial year 2019-20 with effect from February 01, 2020.

The Ministry of Petroleum had earlier submitted its summary to jack up gas prices from February 01, 2020.

On average, the proposed increase in gas prices during the ongoing winter will further increase the miseries of voiceless consumers, who are already bearing the heat of 14.6 per cent headline inflationary pressures.

The agenda of the ECC also included discussion on the technical supplementary grant for the payment of compensation on the directives of the Supreme Court to the victims of a suicide attack at the district courts of F-8, Islamabad, on March 3, 2014.

The meeting's agenda also sought the approval for the exemption of eight per cent minimum income tax for the National Telecommunication Corporation (NTC) and the creation of Digital Media Wing in the Ministry of Information and Broadcasting.